Rebalancing and the British Political Economy
Programme leaders: Craig Berry and Colin Hay
This programme encompasses research on the transformation of the British growth model since the 2008 economic crisis. Since that time, policy-makers have consistently claimed to be seeking to ‘rebalance’ the British economy. SPERI researchers have evaluated the success of this agenda, and interrogated critically the underlying objectives of rebalancing and the implications for economic recovery. The nature and future of economic development within the North of England (and to some extent other sub-national economies within the UK) is a core focus of this research agenda at present, but it also connects to wider research within SPERI on British manufacturing industries and the productivity problem, changing labour market structures, and the political economy of inequality. SPERI researchers have also sought to explore what an alternative, progressive growth model might look like, and have undertaken work on the political and institutional forms that would be needed to deliver meaningful change within the British economy.
Recent and forthcoming publications:
- Colin Hay, The Failure of Anglo-Liberal Capitalism, Palgrave, 2013 (SPERI paper on this topic available here).
- Craig Berry, Austerity Politics and UK Economic Policy, Palgrave, 2016.
- Colin Hay and Anthony Payne, Civic Capitalism, Polity, 2015 (SPERI paper on this topic available here).
- Jeremy Green, Colin Hay and Peter Taylor-Gooby (eds), The British Growth Crisis: The Search for a New Model, Palgrave, 2015.
- Craig Berry and Arianna Giovannini (eds), The Political Economy of the Northern Powerhouse, Palgrave, forthcoming.
- Craig Berry and Colin Hay, ‘The Great British rebalancing act: the construction and implementation of an economic imperative for exceptional times’, British Journal of Politics and International Relations, 18 (1), 2016.
- Jeremy Green and Scott Lavery, ‘The regressive recovery: distribution, inequality and state power in Britain’s post-crisis political economy’, New Political Economy, 20 (6), 2015 (SPERI paper on this topic available here).
- Richard Jones, ‘The UK’s innovation deficit and how to repair it’, SPERI Paper No. 6, 2013.
- Richard Jones, ‘Innovation, research, and the UK’s productivity crisis’, SPERI Paper No. 28, 2016.
- Craig Berry, ‘The resurrected right and disoriented left: growth model failure and the nascent politics of a transformative narrative’, SPERI Paper No. 27, 2016.
- Colin Hay et al., ‘Inequality redux’, SPERI Paper No. 22, 2015.
- Craig Berry is conducting research on the political economy of Northern England, focusing in particular on the role of manufacturing industries in the Northern economy, and situates this work within a broader agenda addressing centre/periphery relations within growth models across Europe.
- Craig’s work on UK pensions provision also includes research on pension fund investments, considering how they can be ‘reoriented’ to productive activity.
- Colin Hay continues to work on the sources of instability inherent in any growth model and how appropriate attention to such sources of instability might allow us to build a more dynamic account of capitalist institutional change.
- Richard Jones is working on the changing political economy of technological innovation, encompassing analysis of how this relates to the structure of the UK economy.
- Martin Jones and David Beel are conducting research on the changing territoriality of local economic governance in the UK brought about by the shift to city-regional governance structures.
- Scott Lavery and Jeremy Green are conducting research on the economic geography of the UK in the post-crisis period, focussing in particular on the relationship between real wage retrenchment, loose monetary policy and neoliberalisation across the UK’s regions.